VENTAS WILL NOT PAY DIVIDEND IN THIRD QUARTER

LOUISVILLE, KY. July 21, 1999 Ventas, Inc. (NYSE:VTR) announced today, consistent with its previously announced position, that it will not declare or pay a dividend at this time. The Company expects that it will once again pay a dividend when Vencor, Inc. (OTC:VCRI), its principal tenant, resolves the financial difficulties contributing to the uncertainties about Vencor's continuing ability to make rent payments to the Company. There can be no assurances that Vencor will resolve its financial difficulties and pay the rent due the Company. The Company still intends to qualify as a REIT for the year ending December 31, 1999. The Company is not required to distribute its taxable income in quarterly installments in order to qualify as a REIT. The Company will continue to evaluate its dividend policy in light of future developments in Vencor's financial performance and ongoing discussions regarding a global restructuring of Vencor's capital structure.

Ventas, Inc. is a real estate company whose properties include 219 nursing centers, 45 hospitals and eight personal care facilities operated in 36 states.

This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements regarding the Company’s expected future financial position, results of operations, cash flows, financing plans, business strategy, expected lease income, plans and objectives of management for future operations and statements that include words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” and other similar expressions are forward looking statements. Such forward looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from the Company’s expectations.

Factors that may affect the plans or results of the Company include, without limitation, (i) the ability of the Company’s operators to maintain the financial strength and liquidity necessary to satisfy their obligations and duties under leases and other agreements with the Company and their existing credit agreements, (ii) the extent of future healthcare reform and regulation, including cost containment measures and changes in reimbursement policies and procedures, (iii) increases in the cost of borrowing for the Company, (iv) the ability of the Company’s operators to deliver high quality care and to attract patients, (v) the ability of the Company to pay and/or refinance its indebtedness as it becomes due, (vi) the results of the ongoing investigation of the Company by the U.S. Department of Justice and other litigation affecting the Company, and (vii) the success of the Company in implementing its business strategy and the nature and extent of future competition. Many of such factors are beyond the control of the Company and its management.

- END -